Automotive Wheel Market Research

 

GMI Research's recent analysis, the global automotive market, forecast to 2027, examines the trends in this market and how they are evolving across the different key geographic regions of the world. The rising demand for lightweight materials, and growing production of vehicles, are the key factors driving the growth of the global automotive wheel market.

Introduction of the Automotive Wheel Market:

A circular object that enables any object or vehicle to move freely is called a wheel. They rotated around an axle and are manufactured using hard material and durable. It is a component that revolves and transfers the drive from the axle to the road.  A good wheel offers traction and stability to the vehicle.

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Automotive Wheel Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

The global automotive wheel market is expected to witness an upsurge in growth during the forecast period due to rising demand for lightweight materials, growing production of vehicles, and increasing vehicle dynamics. It is major economic generating factor for the developing economies. The main countries contributing to the market include the Asia-Pacific regions. The top automobile companies worldwide are increasing their business in the Asia-Pacific region due to different businesses' benefits, such as a fast-growing-dynamic market, efficient workforce, and cost-effectiveness of operations.

The rapid growth in the customer base due to the decrease in vehicle prices, increasing requirement of heavy vehicles for transporting materials for logistics and construction activities is another factor that is opening new doors for the market growth. There is an increase in demand for safe automotive wheels, including growing adoption of vehicles, and customers have started emphasizing on the safety of vehicles. The key manufactures are deploying customized wheels according to the design of the vehicle to capture the drastically shifting demand to the target customers and to gain a competitive benefit to the other players. The automotive wheel improves the growing performance of a vehicle from enhanced card handling, breaking, and acceleration. Thus, the rising demand for vehicle production is encouraging the demand for wheels. On the other edge of the spectrum, the major factor hindering the growth of the market include variations in the prices of raw materials worldwide. In addition to this, the coronavirus pandemic will negatively influence the rising demand of the market owing to the decrease in demand for automotive wheels and the shutdown of the production of automotive wheels. These factors will lead to a decrease in the growth of the market; however, the automotive wheel market is expected to bounce back in 2021, while increasing at a sustainable rate from 2021.

Key Players of the Global Automotive Wheel Market:

·        Superior Industries International, Inc

·        Accuride Corporation

·        Steel Strips Wheels Ltd

·        Hitachi Metals Ltd

·        Enkei Corporation

·        Citic Dicastal Ltd

·        BORBET GmbH

·        Zhejiang Wanfeng Auto Wheel Co. Ltd

·        Mefro Wheels GmbH

·        Mangels Industrial S.A.

Automotive Wheel Market Segmentation:

Segmentation by Vehicle Class:

·        Economy

·        Mid-Priced

·        Luxury-Priced

Segmentation by Off-Highway:

·        Construction & Mining

·        Agriculture Tractors

Segmentation by Vehicle:

·        Passenger Vehicle

·        Light Commercial Vehicle

·        Heavy Commercial Vehicle

Segmentation by End-Use:

·        OE

·        Aftermarket

Segmentation by Material:

·        Steel

·        Alloy

·        Carbon Fiber and others

Segmentation by Rim Size:

·        13"-15"

·        16"-18"

·        19"-21"

·        Above 21

Segmentation by Region:

·        North America

o   United States of America

o   Canada

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.

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